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UK oil major BP has agreed to sell its interest in the Siberian Kovykta gas field to state-controlled Gazprom at a knock-down price, as the Kremlin continues to tighten its grip over Russia's oil and gas industry.
The sale is the culmination of years of pressure on BP's Russian joint venture TNK-BP, which wanted to develop the huge field to supply lucrative export markets in Asia.
The deal is sweetened for BP by an agreement with Gazprom to develop major projects in Russia and overseas.
